Different cities and states have different programs and laws so talk to a professional in your area. Mortgage brokers, realtors, financial planners and accountants would be good people to check with. Make sure you get several opinions because some people make money based on what kind of loan or program you end up with and may not have your best interest at heart. Many community colleges offer a one or two night class in just this topic so check to see what is available near you.

Avoid an ARM or Adjustable Rate Mortgage— some banks offer you very low introductory rates to get you to sign the loan, and as the Prime Lending Rate increases, so does your payment. Also avoid any loan that has any clause about you not being able to refinance or sell the house within a period of time— these usually carry stiff penalties (several thousand dollars) if you need to get out of the loan for whatever reason. Watch out for Interest Only loans, too. These only make sense if you are only planning on being in the home for about 3 years; otherwise, when the Interest Only phase runs out (usually after 5 years) your payments skyrocket, and you have little or no equity in the house to borrow against. You don't save that much during the interest only period anyway.

If you have an IRA or 401(k) retirement account, you can withdraw up to $10,000 to go towards the purchase of your first home, without any penalties. This is a good thing! Also explore loans OVER the selling price— for example, you find a house that is $100,000 but you get your mortgage for $110,000. That $10,000 difference is what you pay your closing costs with.

This is a big financial decision so make sure you get a LOT of advice and information and consider it all very carefully. Don't spend all of your available savings making that down-payment; you're going to need ready cash as you move into the house, for unexpected repairs, furniture, etc.

I wouldn't mind to live in an old and not so beautiful cheap house for a few years in order to save money. And then, buy a nice house.

What do you think is better? Buy a nice house with a mortgage or buy cash an old house, wait a few year, and save money?

I don't have any children yet.

It's always the better route to avoid being in debt.

If you don't have a mortgage payment you're financially free. You won't ever have to live in fear of losing your job and being out on the street because you won't be able to make your mortgage payments anymore.

Personally I'd live in the old house forever and rack up huge savings by not having a mortgage and retire earlier.

Can I get compensation for financial losses? I already started moving out and into a new house.

They lose their deposit and you can sue for damages if they have failed to exercise the contract. If they were not able to close escrow because of problems with the transaction, then there is no binding contract.

I am selling my house and there is a buyer who is very interested in buying it. The problem is that her fiancé is in the military and is in Iraq. He gave her the go-ahead to start the process of purchasing it so she is trying to obtain financing. It’s been about two weeks now. If she truly is serious about buying my house and is trying to get the financing sorted out, does the process take longer if her fiancé is also going to be on the loan application and he is halfway across the world?

I am a mortgage broker, and I just had a loan like this a year ago. It will take you longer to get all of this done, especially if he is doing a VA loan. Most companies will allow emailed docs for preliminary paperwork, and fax copies when they are returned. As for closing, he should be allowed to sign them over there. He just needs to have them sent to the American Embassy because he will need it to be notarized at the American Embassy since it is a United States transaction.
But still if the parties involved are experenced, you should still be able to get the loan done in 2-3 weeks if conventional, 4 weeks for VA/FHA. Hope this helps!

Being that its a buyers market how much do you think a house that is worth $58,000 dollars will go for. I saw a house drop to $51,000 dollars. The immediate area where the house is similiar houses are worth about the same. So now the person is selling the house for $49,000 dollars. He has several other houses as well and I think he wants to sell them to. What is a fair price to pay for this house being that so many houses also are on the market.

I know for a fact because I seen all the houses for sale and I am shocked by this. If this helps, the guy takes care of his houses. Do you think I can offer it for even less for $47,000 dollars or so?
I know its a buyers market,should I even consider another house that is less money, and has the same value for it?

What would you do, would you wait to buy the house or buy it now, or go for a cheaper house?
Have a good day.

You can have a market analysis and an appraisal done. The appraisal will tell you what the house is worth. The market analysis will tell you what the house can expect to be sold for, taking into account the economy in the immediate area, and the number of houses in the area already for sale. They can be very different numbers. For example, the house I live in is valued at $75K. It is a small town in the country so the property is cheap =). But the market analysis, because there are so many other houses for sale right now is $45K. We may even be able to pick it up for less than that (we rent are are looking to buy the house we live in). Houses around here sit on the market for years, there just aren't any jobs, and people who live here have to be willing to commute. But coming from an area where the avg 3 bedroom house if $150K, we'd love to pay this little for our 5 Brdm house! LOL

Off topic there, but hope it helped!

I have my house on the market in Ohio. Ohio is very slow in sales right now. The house has been totally renovated in 2006 using corian, cherry woods, new carpet, ect. We are not getting any bites and I'm wondering if holding an open house will really generate any serious buyers.

I think it's more important to get your house on the "tour" of the realtor boards for your area. In Ohio that's usually a day when your local realtors visit 4-6 houses in their area once a week to "check it out". If you have a realtor make sure she or he gets your house scheduled for that tour day to give other realtors an opportunity to recommend your home to their prospective buyers. I just came from just such a meeting in Sunbury (Fridays), and the one in Delaware meets on Wednesdays.

My husband and I are young and have been married for 2 years. He has worked at the same place for seven years and I for three years. Everyone tells me it is easy to get a first time buyers loan on a house no matter what your credit is just as long as you have the income and a steady job.

IF you have had consistant employment and your credit score is 595 or higher ; you should not have a problem in getting financing ….

MY realtor says that he can get a person with a 595 credit score a No Downpayment loan for my house …. Now; I just need someone who is interested in my house ….lol …

Because of this missed closing date, we now have numerous expenses due to lost wages, hotel bills, etc. We cannot close on our house down south until we close in ny. Are we owed any compensation from the buyers? When we asked our lawyer he said tough luck. We're talking almost $600 and it's adding up quickly.

Your ATTORNEY said 'tough luck'? Where did this clown get his law degree? At the Las Vegas College of Accupuncture and Law ? Or from a box of Cracker Jack ?

Assuming that you have a binding contract of sale (offer to purchase or similar) from these buyers, they are in default on the contract by not closing by the agreed date, and you ARE entitled to losses incurred by their failure to honor the contract as agreed. Get your attorney off his 'dead one' so that he starts representing YOUR interests. That's why you retained his services.